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Chijioke Ohuocha

UPDATE 2-Nigeria slips into recession, weighed down by COVID-19 and oil prices

Nov 21 2020

* Pandemic restrictions cited by statistics office (Adds details, quotes, bullets, alters dateline)

RPT-UPDATE 2-Nigerian stocks surge in volatile trades as funds bet on equities

Nov 12 2020

ABUJA, Nov 12 Nigerian stocks posted their biggest daily gain in more than 5-1/2 years on Thursday, triggering a circuit breaker on the bourse for the first time to halt volatility after the index hit a five-percent limit.

UPDATE 1-Nigerian stocks hit 16-month high as company results ease COVID concerns

Oct 30 2020

ABUJA, Oct 30 Nigerian stocks soared to a more than 16-month high on Friday as funds piled into equities, propelled by low interest rates and as early third-quarter corporate earnings showed some companies have weathered the impact of the COVID-19 crisis, traders said.

Nigeria auction bonds at lower yields after surprise rate cut

Sep 23 2020

ABUJA, Sept 23 Nigeria sold bonds on Wednesday at yields lower than the secondary market despite double-digit inflation, auction results showed, after an unexpected central bank interest rate cut aimed at stimulating the economy.

Coronavirus accelerates Nigeria's digital banking push

Sep 22 2020

LAGOS/ABUJA Civil servant Amos Dam is frustrated after waiting two hours to enter a bank in Nigeria's capital Abuja. He is one of about 20 people sitting on plastic chairs under a canopy to protect them from the sun on a pavement between a busy road and the bank. | Video

Nigeria sets capital rules for mobile money licences

Aug 31 2020

ABUJA Nigeria's central bank said it will grant more licences for payment service banks but set a minimum capital base of $13 million, which could deter telecoms firms and some other potential new entrants to the digital financial services sector.

Nigeria targets non-oil exporters to boost FX as recession looms

Aug 27 2020

ABUJA, Aug 27 Nigeria's central bank is trying to force non-oil exporters to process dollar proceeds through domestic lenders to increase dollar liquidity and support the ailing currency, a circular seen by Reuters showed on Thursday.

Nigeria cocoa output to fall in 2020/21 on virus, dry weather -cocoa association

Aug 26 2020

ABUJA, Aug 26 Nigerian cocoa output is likely to drop by at least 20% this season as measures aimed at curbing the spread of the novel coronavirus and drier weather increase the chances of a poor harvest, the president of the cocoa association said.

Nigeria naira eases to new low on black market on plans to reopen airports

Aug 18 2020

ABUJA Nigeria's naira fell 1.04% on Tuesday to a low of 480 on the black market after the government said it would reopen airports for international travel in two weeks' time, a move that could increase dollar demand, traders said.

Exclusive: Nigeria's $1.5 billion World Bank loan delayed over reforms, say sources

Aug 17 2020

ABUJA/LAGOS The World Bank is unlikely to approve a much-needed $1.5 billion for Nigeria in August as planned due to concerns over desired reforms, three sources familiar with the talks told Reuters.

World News

UK, EU call in leaders to save trade talks

British and EU negotiators paused trade talks on Friday to call in their leaders to try to narrow gaps and get an agreement over the line, less than four weeks before Britain completes its Brexit journey out of the bloc.